A seven-day rally in European natural gas prices ended Monday as the Dutch Title Transfer Facility contract declined across the curve through the end of the year. 

Still, prices remain strong, with the contract holding above $11/MMBtu. The market will turn its attention to a Tuesday auction for Russia to take additional pipeline transportation capacity at the Ukranian border at Sudzha. If Russia takes capacity, which it hasn’t in recent months, it could provide much needed supplies for Europe. The continent’s storage inventories remain low for this time of year. 

Overall, traders said it was a quiet day on the market, particularly as spreads with Asia didn’t move all that much. Hot weather and stockpiling ahead of winter are driving liquefied natural gas (LNG) demand in...